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Real Estate Report: new development around the Maine Mall

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SOUTH PORTLAND (WGME) -- If you've been to the Maine Mall in South Portland recently, you may have noticed some new development in the area.

"There's been significant growth in the Maine Mall area in the past couple of years," says Joshua Reny, South Portland's assistant city manager and economic development director.

He says from hotels to restaurants, new buildings are popping up.

"We've come a long way since the great recession in 2008, 2009," Reny says, "the past couple years we've been realizing between $10 and $15 million of new taxable value onto the books but this past year it was more than $30 million, so there definitely has been an increase,"

Reny says it benefits visitors with its convenient location, as well as people who live in the area.

"With new investment in the city, it's new businesses moving to town," Reny says, "It's creating jobs and creating tax base in the city, so that's always a good thing."

Reny says this is just the beginning, saying there are plans in the works for other parts of the city too.

"We've been very proactive, the city this past year just recently completed a new master plan for the Mill Creek neighborhood," he says, "This year we're looking at updating the master plan for the Knightville neighborhood."

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